Palisano v. Bankers & Shippers Insurance

This case presents a novel question of construction under the standard form of fire insurance policy adopted in 1943 (L. 1943, ch. 671, amdg. Insurance Law, § 168). The new form of insurance policy eliminated the so-called “ moral hazard ” clauses which had formerly appeared in the New York standard form fire insurance policy. Among others, it omitted the provision that 1 ‘ if the interest of the insured be other than unconditional and sole ownership ” or “ if any change, other than by the death of an insured, take place in the interest, title, or possession of the subject of insurance ”, the…